Matrix Partners India and Blume Ventures led Freakins’ latest round of funding, The company plans to use its new investment to forge partnerships with factories specialising in denim, knits, and woven fabrics. Additionally, the funds will be used to expand the brand’s presence in other geographies, invest in top-tier talent, and introduce new product offerings.
It also plans to launch exclusive collections designed in collaboration with creators to cater to the evolving preferences of its core Gen Z female consumer.
Puneet Sehgal, the founder and CEO of Freakins said: “The funding will facilitate our expansion into new categories, further enhance our manufacturing capabilities and extend our distribution footprint. By owning the end-to-end process, from storefront to design and factories, we maintain exceptional quality control and achieve faster turnaround times, enabling us to adapt to changing consumer preferences.”
The company was founded by Sehgal and Shaan Shah, along with partner Sachin Shah. Sehgal brings a wealth of experience in business leadership and supply chain management from his previous roles at Hopscotch and Amazon. Combined with Shah’s marketing expertise and consumer insights, the founders have created a brand that resonates with contemporary consumers.
GlobalData states the denim wear market in India is projected to grow at an impressive 25% compound annual growth rate (CAGR) over the next five years. As the younger generation embraces denim in all its forms, Freakins is dedicated to actively meeting its audience’s fashion-forward needs and ensuring it remains up-to-date with the latest trends.
Dexter Capital Advisors played a crucial role as the exclusive advisors in facilitating this round of funding for Freakins.
Rajat Agarwal, managing director of Matrix Partners India, which co-led the funding round said: “As our GDP per capita goes from $2,500 to $5,000, a large proportion of incremental income will go towards discretionary consumption. Apparel is a key part of this discretionary basket and we believe Freakins is uniquely positioned to capture the Gen Z fast fashion opportunity. It has innovated on supply chain, product design as well as on brand building through its unique influencer-led strategy. We are excited to partner with Puneet, Shaan and the Freakins team as they look to build the next fashion behemoth from India.”
Apurva Dixit, assistant vice president of Investments at Blume Ventures, which also co-led on the funding round added: “Freakins is Blume’s largest bet in consumer brands in recent times. At Blume, we believe in investing in brands demonstrating sustainable and profitable growth, targeting large markets. Apparel is an enormous albeit highly competitive category. We believe that in Sehgal and Shah, we have both strong operational DNA and an influential design sense. Freakins has the potential to be the new household name in fashion.”
Since its inception, Freakins says it has been committed to providing fine denim wear for women in India. The brand offers over 1500+ styles, featuring trendy fits, washes, and rips to cater to diverse body types, preferences, and occasions. With a young team that understands the pulse of Gen Z consumers, Freakins says it sells its products through both direct-to-consumer (D2C) channels and marketplaces.
